The mean value of land and buildings per acre from a sample of farms is $1500, w

Question

The mean value of land and buildings per acre from a sample of farms is $1500, with a standard deviation of $300. The the empirical rule, determine which of the following farms, whose land and building values per acre are given, are unusual mean). Are any of the data values very unusual (more than three standard deviations from the mean)? $1310 $2296 $1712 $566 $1592 $1871 D. $2296 E. $1712 F. $1592 Which of the farms are very unusual (more than three standard deviations from the mean)? Select all that apply. A. $566 B. $1310 C. $2296 D. $1712 E. $1592 F. $1871 G. None of the data values are very unusual.

Explanation / Answer

A data value will be very unusual if it is away from mean by more than 3 standard deviations. The interval including values upto 3 standard deviation is

= (mean -3* sd, mean +3* sd)

= (1500 - 3*300, 1500+3*300)

= (600, 2400)

Out of the given values only $566 does not belongs to the above interval. Hence it is correct answer.

Answer: $566

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